Home » Cryptocurrency » Bitcoin price (BTC/USD) hits three-week high following late Monday surge

Bitcoin price (BTC/USD) hits three-week high following late Monday surge

Dimitar Bogdanov
  • August 28th, 09:49
  • Last Updated: October 11th, 13:39

The Bitcoin price (BTC/USD) has moved closer to the key level of $7,000 following a sharp uptick that occurred in late Monday trading.

The original cryptocurrency spent most of yesterday’s session trading in the $6,700 -$6,800 area. The situation changed toward the end of the session, when the digital coin experienced a significant increase that propelled its price above the $6,800 mark. The coin finished the day at an intraday high of $6,884.64, up from its opening level of $6,710.80.

Bitcoin continued to advance during the early hours of today’s trading, with its price rising above the $6,900 level for the first time in three weeks. At the time of writing, the Bitcoin price was hovering around $6,920, according to data from digital currency tracker Coinmarketcap. It had risen to $6,956.74 earlier, which is its highest price level since August 7.

The gains add to Bitcoin’s resilient performance in the wake of the US Securities and Exchange Commission (SEC)’s rejection of nine Bitcoin ETF proposals last Wednesday. The watchdog subsequently announced that the rejections would be reviewed by senior SEC officials, which likely helped the coin to shrug off the news. In addition, recently published Bitcoin futures data suggests that the market sentiment toward the coin is improving.

Citing data from the US Commodity Futures Trading Commission (CFTC), industry website Coindesk reported yesterday that non-commercial futures contracts of Bitcoin totalled a net position of -1266 contracts, the lowest on record, in the week ended August 21. The data indicates that speculators are the last bearish on Bitcoin since the launch of BTC futures in December, Coindesk notes.

In today’s trading, the Bitcoin price stood at $6,920.94, as of 09:49 BST. The digital coin has gained 2.9% in the past 24 hours, Coinmarketcap data shows.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.

About the author

Dimitar Bogdanov
Dimitar Bogdanov
I have been a journalist for Invezz since 2012 and am one of the oldest on the team. My focus is on cryptocurrencies as well as general equity markets, although my experience is broad overall.

Leave a Reply

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence. This website is free for you to use but we may receive commission from the companies we feature on this site. Click here for more information.